Bancorpsouth, Tupelo, Miss., will acquire LF Bancorp in a stock swap worth about $27.4 million.
In a statement Tuesday, LF Bancorp said the
companies have signed a binding agreement under
which its stockholders will receive about one
Bancorpsouth share for each LF share they hold.
Bancorpsouth will issue shares valued at $34,569 each to complete the deal, which will be tax-free to LF Bancorp holders.
The boards of both companies have approved the deal, which will be terminated if it is not completed by Dec. 31.
Separately, Hibernia Corp., New Orleans, signed a definitive agreement to merge with First State Bank and Trust of Bogalusa, La., in a stock swap valued at $28.5 million.
Hibernia Said First State shareholders would receive about 33.5 shares of Hibernia stock for each of their shares tax-free.
The transaction is expected to be completed early next year.
-- Dow Jones
